The convoluted world of cell contracts and cable subscriptions just hit the awesome world of console gaming, and spit out a very exciting baby: an Xbox 360 and Kinect bundle that costs only $100, says the Verge. But there's a catch.

According to The Verge's unnamed "sources," the package will include a 4GB 360 and a Kinect, which is worth $300 right off the bat. So, $300 versus $100 is great! But you'll be locked in to a 2-year contract with Microsoft at $15 a month, which comes out to an extra $360 spread over two years.

Now what are you getting with that "subscription"? We don't know. Presumably, Xbox Live Gold, which is normally $5 a month. What accounts for the extra $10 per month? The Verge speculates it'll be "some additional streaming content from cable providers or sports package providers,"—perhaps that impending Spotify-style Woodstock streaming music jam.

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E3 is close, which means more details should be dropped on us pretty soon—and maybe, just maybe, Microsoft wants to hook you until it reveals the next Xbox? Maybe! Just maybe.

At any rate, this mega-discount not will not only pour a hell of a lot of 360s into living rooms, but paired with a fat media package, potentially turns the Xbox into the king of all cable boxes. [Verge]

Update: Microsoft is playing it cool:

"We haven't made any announcements and we don't comment on rumor or speculation."